The Republic of Lithuania is one of the most comfortable countries to obtain a crypto license in the Baltics and directly in the EU. The state has created the most favorable conditions, the state supports business and is open to something new, and Vilnius is considered the center of not only Lithuania, but also fintech business. Foreign investors work in the territory of Lithuania business due to the stable economic situation. Therefore, today we will look at how to get a crypto license yourself and consider the nuances and conditions of this procedure.
Types of licenses and the process of obtaining them
The Republic of Lithuania gives you the opportunity to get two types of licenses. The first is for owning a crypto wallet, in which case the company or branch has the right to manage the wallets of customers. The license for a cryptocurrency exchange in turn gives the ability to exchange real money for cryptocurrency, as well as cryptocurrency for cryptocurrency.
Before we get into the requirements, we want to point out right away the reasons why you won't be able to work seamlessly with a license. The first reason is that you will not comply with KYC and AML requirements, and the second reason is that you will not start conducting financial transactions in the desired area. Nevertheless, a cryptocurrency license in Lithuania imposes the following conditions on the applicant.
- A legal address in the Republic of Lithuania is mandatory. As well as a web service and a corporate account.
- Minimum of 1 shareholder and 1 director.
- Conclusion of a contract with AML specialist.
- Recommended share capital is 2500 EUR.
- Record keeping of all client's transactions and information about him.
- All customers must pass the verification and identification procedure.
- Pass the assessment of investors in the special authorities.
Our experience with crypto licenses has shown that although Lithuania does not impose excessive requirements, sometimes it is difficult to comply with them. Separate authorities may ask for additional information about the owners, managers and so on. To bypass the paperwork, we offer you to contact us for trouble-free company registration and further crypto-permit obtaining.
We help you gather the necessary package of documents, process and prepare in accordance with the rules of customer identification procedures, as well as keep accounting records. Contact us and get favorable conditions of cooperation!